Turnover and Earnings
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Turnover by divisions
Continuing operations
In accordance with IFRS 5, consolidated turnover comprised turnover of the TUI Group’s continuing operations: tourism, shipping and central operations. At € 6.22 billion (previous year: € 5.75 billion), it was 8.1% up year-on-year in the third quarter of 2005. In the first three quarters of 2005, Group turnover totalled € 13.79 billion (previous year: € 12.84 billion), an increase of 7.4%. This growth was attributable to the 6.0% growth in tourism and the 17.0% growth in shipping.
Discontinuing operations
In the third quarter of 2005, the turnover reported for the discontinuing operations trading and special logistics totalled € 361 million (previous year: € 443 million), an 18.5% decline. Accumulated turnover for the first three quarters of 2005 stood at € 1.07 billion (previous year: € 1.41 billion), down 24.1% year-on-year. Given a 2.4% increase in turnover in the trading sector, the decline resulted from last year’s divestments in special logistics.
Total turnover of the TUI Group’s divisions rose by 6.2% year-on-year to € 6.58 billion (previous year: € 6.20 billion) in the third quarter of 2005 and by 4.3% to € 14.87 billion (previous year: € 14.25 billion) in the first three quarters of 2005. The growth in the continuing operations more than offset the decline in the discontinuing operations.
Earnings by divisions
Continuing operations
In the third quarter of 2005, earnings by the continuing operations tourism and shipping as well as central operations (before taxes on income and amortisation of goodwill) rose by 5.1% to € 658 million (previous year: € 626 million).
Accumulated earnings for the first three quarters of 2005 totalled € 529 million previous year: € 424 million), a 24.8% increase year-on-year. This was primarily attributable to the 8.1% increase in earnings by tourism and the 3.1% earnings growth in shipping. In addition, central operations generated a 27.7% improvement in earnings.
Turnover by divisions
| € million | Q3 2005 | Q3 2004 | 9M 2005 | 9M 2004 | Var. % |
|---|---|---|---|---|---|
| Tourism | 5,285.8 | 4,938.3 | 11,294.3 | 10,650.7 | + 6.0 |
| Central Europe | 2,155.8 | 1,958.6 | 4,510.2 | 4,184.0 | + 7.8 |
| Northern Europe | 1,820.9 | 1,788.1 | 3,945.6 | 3,856.7 | + 2.3 |
| Western Europe | 1,048.1 | 927.9 | 2,245.3 | 2,025.7 | + 10.8 |
| Destinations | 196.5 | 206.5 | 406.8 | 392.0 | + 3.8 |
| Other tourism | 64.5 | 57.2 | 186.4 | 192.3 | - 3.1 |
| Shipping | 873.3 | 725.1 | 2,307.3 | 1,972.1 | + 17.0 |
| Central operations | 63.6 | 91.0 | 191.5 | 215.2 | - 11.0 |
| Continuing operations | 6,222.7 | 5,754.4 | 13,793.1 | 12,838.0 | + 7.4 |
| Trading | 252.1 | 279.1 | 747.6 | 730.0 | + 2.4 |
| Special logistics | 109.2 | 164.1 | 325.3 | 682.9 | - 52.4 |
| Discontinuing operations | 361.3 | 443.2 | 1,072.9 | 1,412.9 | - 24.1 |
| Turnover by divisions | 6,584.0 | 6,197.6 | 14,866.0 | 14,250.9 | + 4.3 |
Earnings by divisions
| € million | Q3 2005 | Q3 2004 | 9M 2005 | 9M 2004 | Var. % |
|---|---|---|---|---|---|
| Tourism | 590 | 573 | 492 | 455 | + 8.1 |
| Central Europe | 171 | 162 | 116 | 97 | + 19.6 |
| Northern Europe | 226 | 189 | 153 | 123 | + 24.4 |
| Western Europe | 80 | 97 | 52 | 78 | - 33.3 |
| Destinations | 116 | 116 | 177 | 142 | + 24.6 |
| Other tourism | - 3 | 9 | - 6 | 15 | - 140.0 |
| Shipping | 89 | 87 | 199 | 193 | + 3.1 |
| Central operations | - 21 | - 34 | - 162 | - 224 | + 27.7 |
| Continuing operations | 658 | 626 | 529 | 424 | + 24.8 |
| Trading | 9 | 30 | 34 | 94 | - 63.8 |
| Special logistics | 12 | 140 | 70 | 161 | - 56.5 |
| Divestments | 35 | - 1 | 35 | 29 | + 20.7 |
| Discontinuing operations | 56 | 169 | 139 | 284 | - 51.1 |
| Earnings by divisions (EBTA) | 714 | 795 | 668 | 708 | - 5.6 |
Adjusted earnings by divisions
| € million | Q3 2005 | Q3 2004 | 9M 2005 | 9M 2004 | Var. % |
|---|---|---|---|---|---|
| Earnings by divisions (EBTA) | 714 | 795 | 668 | 708 | - 5.6 |
| Unusual expenses and income | + 35 | + 136 | + 72 | + 175 | - 58.9 |
| Revaluation of conversion options | + 20 | + 39 | + 5 | + 28 | - 82.1 |
| Adjusted EBTA | 659 | 620 | 591 | 505 | + 17.0 |
Discontinuing operations
In the third quarter of 2005, the discontinuing operations trading and special logistics recorded a drop in earnings (before taxes on income and amortisation of goodwill) to € 56 million (previous year: € 169 million, incl. divestments).
Accumulated earnings for the first three quarters of 2005 totalled € 139 million (previous year: € 284 million, incl. divestments), a 51.1% decline year-on-year. This was due to a reduction in earnings in the trading sector, which reported still a good business trend but could not reproduce last year’s high earnings level, which had been favoured by an extraordinary market development. Moreover, high proceeds from divestments in the special logistics sector had been generated in the first three quarters of 2004. In 2005, these proceeds were not matched by the special logistics sector’s earnings from operations and unusual income from the reversal of provisions no longer required in the second quarter of 2005 as well as the income from the settlement of the divestment of the former energy sector generated in the third quarter of 2005, carried under divestments.
Overall, the TUI Group reported a 10.2% decline in earnings by the divisions (before taxes on income and amortisation of goodwill) to € 714 million (previous year: € 795 million) in the third quarter of 2005 compared with earnings in the 2004 reference period, which had comprised high unusual income from the divestments in the special logistics sector. Accumulated earnings by divisions totalled € 668 million for the first three quarters of 2005 (previous year: € 708 million), a 5.6% decline year-on-year attributable to the same reason as outlined above.
Adjusted EBTA
In the third quarter of 2005, earnings by divisions adjusted for unusual expenses and income and the revaluation of convertible options from the convertible bond issued in 2003, compulsory under IAS 39 in combination with IAS 32, totalled € 659 million (previous year: € 620 million), up 6.3% year-on-year. For the first three quarters of 2005, accumulated earnings totalled € 591 million (previous year: € 505 million), an increase of 17.0% year-on-year.
In the third quarter of 2005, unusual expenses and income of € + 35 million had to be accounted for. This amount arose in connection with the settlement of the divestment of the former energy sector. In addition, unusual income was generated in the first half of 2005 from the divestment of entities in the special logistics sector, so that total unusual expenses and income to be adjusted for the first three quarters of 2005 amounted to € + 72 million. In 2004, the corresponding amount totalled € + 175 million, resulting from the divestments in the special logistics sector and the settlement of the divestment of the former energy sector as well as other former Group companies.